Usap Tayo: How much annual income is needed to buy a house in Australia?

The cash rate has been raised eleven times since May 2022, posing a significant challenge to mortgage holders and those aspiring to buy a house.

Residential housing is seen in Sydney's west, Thursday, July 26, 2018. Source: AAP

Key Points

• According to the latest Finder data, a minimum annual income of $182,000 is required to afford the average house nationwide.
• Sydney has the highest median house price at over $1.3 million, necessitating an annual income of $261,773.
• For those opting for a unit, the median unit price in Sydney is around $755,000, requiring an annual income of $148,000.

How much annual income is needed to buy a house in Australia?

Source: SBS

Source: SBS